{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-26-277592","form_type":"8-K","ticker":"PSA","cik":"0001393311","company_name":"Public Storage","filed_at":"2026-06-22T20:34:11+00:00","discovered_at":"2026-06-22T20:35:00.497180+00:00","generated_at":"2026-06-22T20:35:09.240075+00:00","sec_items":["3.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Public Storage acquires PS Canada for ~$1.2B, enters Canadian self-storage market","bullets":["Deal valued at ~$1.2B USD ($1.67B CAD): $889M in OP units (2.76M units at $321.98/ea) plus $310M cash.","Earn-out of up to $288M in OP units at $375/unit contingent on NOI targets over 5 years.","Portfolio of 68 properties (5.3M sq ft) in Toronto, Vancouver, Montreal, Calgary, Ottawa; current occupancy 83.1%.","Acquired off-market via ROFO/ROFR from Tamara Hughes Gustavson and family; expected close 2H 2026.","Going-in NOI yield in high-5’s; high-single-digit NOI growth expected from PS Next platform implementation."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-26-277592","json":"https://secwatch.observer/filing/0001193125-26-277592.json","markdown":"https://secwatch.observer/filing/0001193125-26-277592.md","text":"https://secwatch.observer/filing/0001193125-26-277592.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526277592/0001193125-26-277592-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1393311/000119312526277592/d28234d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-22T20:35:09.240075+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}